LUNA, UST, Investors Want to Seize Do Kwon’s Properties
2022.05.19 14:21
LUNA, UST, Investors Want to Seize Do Kwon’s Properties
- LUNA crisis victims pursue legal intervention against Do Kwon.
- This comes after investors failed to receive compensation from Terraform Labs.
- The UST and LUNA collapse has left investors reeling.
Fifty investors in South Korea who are affected by the TerraUSD (UST) and LUNA debacles are pursuing legal action and requesting property seizure from Terraform Labs CEO Do Kwon and his kin, according to Korea Times. These investors have organized themselves under the name of the Korea Blockchain Victims Association.
According to prior reports, the investors allege that Do Kwon and his family members used company funds to purchase luxury properties in South Korea and the United States. The investors are reportedly planning to file a criminal complaint against the CEO for embezzlement and fraud.
On top of all of this, the Korea Blockchain Victims Association has threatened legal action against Terraform Labs’ auditor EY and its law firm Baker McKenzie. According to the group, the auditor and lawyer missed key red flags in Terraform Labs’ business activities.
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